Global multifunction meter market is anticipated to expand at a rapid pace over the forecast period due to their increased demand from the industrial sector.

Albany, NY -- (SBWire) -- 02/07/2020 --Multifunction Meter Introduction

Multifunction meters are a hand-held device specially designed to monitor electrical installations. A multifunction meter measures and monitors all the electrical parameters such as active power, power factor, voltage, current, apparent power, reactive power, phase angle, and active energy.
Multifunction meters are mainly used where reliable, accurate, and exact measurements are required.
A multifunctional meter is used in the industrial sector for control panels, motor control centers, power distribution panels, etc.
Multifunction meters are mainly of two types: three-phase multifunction meters and one-phase multifunction meters.
The global multifunction meter market is anticipated to expand at a rapid pace over the forecast period due to their increased demand from the industrial sector.

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Key Drivers of the Multifunction Meter Market

A rise in demand to reduce energy cost across the globe is expected to create demand for multifunction meters in the upcoming years. This is primarily because multifunction meters reduce energy cost by continuously tracking and monitoring energy consumption. Additionally, it also takes the backup of other integrated parameters.
Multifunction meters easily recognize the basic faults in the electrical system and also provides high degree of accuracy in calculation. This is anticipated to drive the multifunction meter market in the near future.
Multifunction meters are also used in troubleshooting a wide range of electrical problems in wiring systems, electronic equipment used in industry, motor controls, domestic appliances, and power supplies, which is estimated to boost the market.
Rising demand to monitor power consumption on a daily basis and reduce it accordingly is estimated to drive the multifunction meter market.
Increasing shift toward comfort and better standard of living has led to the expansion of the smart homes concept, where automatic control of electricity, light, and energy is required. This indirectly drives the growth of the multifunction meter market.

High initial investment cost of multifunction meters to hamper the market

Initial start-up cost (installation and operation) of multifunction meters is very high. This is anticipated to adversely impact the demand for multifunction meters.
Delay in multifunction meter rollout projects along with integration difficulties with multifunction meters in the last few years is also projected to hamper the market during the forecast period.

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North America to Hold Major Share of the Multifunction Meter Market

North America dominated the global multifunction meter market and accounted for a notable share due to the presence of well-established, technologically advanced manufacturers and increasing adoption of multifunction meters in the region. The U.S. is the key market in North America due to extensive demand for multifunction meters in the country.
Europe is anticipated to hold the second largest share of the global multifunction meter market because governments in Europe mandate the European Union 20-20-20 policy, which aims to convert 80% of the installed meter base to smart ones.
The multifunction meter market in Asia Pacific is projected to expand at a rapid pace. This can be attributed to increasing infrastructure development in the region. Additionally, increasing application areas of multifunction meter installations is projected to boost the market.